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Risk-on in secondary; Odeon at a premium; Carnival, Citrix on the rise; DISH gains continue
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 17 – The high-yield primary market remained quiet on Monday, as no new issues were priced.
The session ended with one dollar-denominated deal, a Nordic transaction, on the active forward calendar.
Netherlands-based offshore oil and gas services company Bluewater Holding BV was scheduled to hold an investor call for its $240 million offering of four-year senior notes on Monday.
Meanwhile, it was risk-on in the secondary space on Monday with the cash bond market gaining ¼ to ½ point and the CDX index up over 1 point to break above a 96-handle, sources said.
AMC Entertainment Holdings, Inc. subsidiary Odeon Finco plc’s newly priced 12¾% senior secured notes due 2027 were trading at a large premium to their discounted issue price.
However, volume in the name was light with the notes largely tucked away.
The cruisers improved in the risk-on sentiment on Monday with Carnival Corp.’s 7 5/8% senior notes due 2026 lifted almost 2 points after hitting a historic low in the sell-off of the previous week.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 also resumed their upward momentum after getting knocked down in the volatility of the previous week.
DISH DBS Corp.’s senior notes continued to improve as it mulls the divestiture of its wireless division.
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